Statement re circular

27 Jun 2005 14:37

Pittards PLC27 June 2005 Pittards plc announces that it has issued a circular to holders of 9.5%cumulative preference shares in the Company and (for information) to holders ofordinary 25p shares in the Company. The circular states that, as a consequenceof being required to fully adopt FRS17 in 2005 and the elimination of thedistributable reserves in the Company's balance sheet due to the deficit in theCompany's pension scheme, likely to result when the 31 December 2004 results arerestated, the Directors have concluded that the Company should not pay thedividend due to Preference Shareholders on 30 June 2005 and the Directors arecurrently unable to foresee when the payment of dividends to either PreferenceShareholders or Ordinary Shareholders may be resumed. This information is provided by RNS The company news service from the London Stock Exchange